An Independent European Macroeconomics? A History of European Macroeconomics through the Lens of the European Economic Review

Abstract

Economics in Europe has encountered a process of internationalisation since the 1970s. To a certain extent, this internationalisation is also an ‘Americanisation’ and many European departments and economics have adopted the standards of US economics, notably mathematical modelling, the use of econometrics, and the neoclassical theory as a modelling benchmark. Regarding this process, we can wonder if European economics has just been mimicking US economics since the 1970s, or if some European specialities have survived or emerged. In this article, we use topic modelling and bibliometric coupling to identify what have been some European specialities between 1969 and 2002. We focus on macroeconomics, and we use the articles published in the European Economic Review and compare their bibliographic references and textual content (via titles and abstracts) to what has been published in the top 5 journals. In the late 1970s and early 1980s, disequilibrium theory constituted a significant part of the research undertaken by European macroeconomists, and did not limit to the GET, but also represented a unifying framework to deal with different macroeconomic issues. After it lose its influence in the second part of the 1980s, political economy occupied this role. It constituted a resource for tackling the issues raised by the European integration and the building of a European monetary system, and constituted a common language for many European macroeconomists.

Publication
Working Paper
Aurélien Goutsmedt
Aurélien Goutsmedt
FNRS Post-Doctoral Researcher

My research interests include history of economics, economic expertise and bibliometrics.

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